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This paper studies how a firm reacts to the threat from product market competition. Consistent with the strategic equilibrium model, we find that a firm increases investment in response to external product market threats. Further, the paper analyzes whether product market threats lead to an improvement in investment efficiency. When faced with product market competition, we find that firms that are otherwise likely to underinvest (overinvest) increase (increase) their investment significantly (less than the firms that are likely to underinvest) in the next period. However, firms that are predisposed to overinvest do not make cuts in capital expenditure, which indicates that strategic investment is a critical countermeasure for addressing competitive threats for all firms, their inclination to make suboptimal investment decisions notwithstanding. Overall, the evidence supports the predatory risk of waiting as well as competition and investment efficiency hypotheses. Additional tests suggest that product market threat partially substitutes for other external monitoring mechanisms designed to manage agency problems.

The purpose of this paper is to empirically investigate the impact of equity market valuation and government intervention on the research and development (R&D) investments of listed companies in China and their relationship.

Using a manually collected R&D database in the period 2007–2015, this paper constructs a sample of 6,595 firm–year observations and applies the methods of pooled OLS regressions to examine the effects of market valuation and government intervention on corporate R&D expenditures.

This paper finds that market valuation enhances corporate R&D investments, but there is no evidence that government intervention may significantly affect the R&D investments. Government intervention also decreases the sensitivity of corporate R&D investment to stock price, which implies that government intervention weakens the promotion of market mechanism to corporate R&D investment. Furthermore, these effects are stronger in the non-state-owned firms and the non-regulated industries.

This study suggests that the functional borders of markets and government should be reasonably defined and markets play a decisive role in resource allocation to improve corporate innovation and national innovation.

This paper provides a micro view of the relationship between market and government at the stage of transitional economy in China as well as directions for further research on the relationship between stock prices and corporate investments.

This paper aims to highlight a typology of small firms which, beyond the criteria of size or industrial field, makes it possible to distinguish the quality of firms according to their internal organisation and the type of market on which they act with the objective of reducing the capital gap and credit rationing.

Based on a global approach using qualitative and quantitative data.

Still at the experimental stage, this method of assessing the ability of small firms to access financing from their various external partners could, if widely used, offer a means of increasing the transparency of small businesses and thereby enhancing their positioning and their chances of survival.

The research is at an early stage and needs to be validated empirically.

While this paper describes a method of assessing an economic policy intended to benefit SMEs in France, its main purpose is to show how such a tool can help to target assistance and financing for small businesses more effectively.

This paper aims to examine the presence of an executive with customer experience (ECE) in a supplier firm’s top management team (TMT). The role of ECE presence remains understudied in the marketing literature. This study attempts to examine the relationship between ECE presence and firm performance.

This paper draws on the resource-based view of the firm and adopts a panel firm fixed effects estimator to test the proposed hypotheses. The empirical analysis uses a sample of 1,974 firm-year observations with 489 unique supplier firms. Selection-induced endogeneity is mitigated through the Heckman procedure.

ECE presence improves firm performance. Additionally, firms benefit less from ECE presence if a board member with customer experience (BCE) is also present, if a chief executive officer commands a higher pay slice (compared to other executives), and if a TMT is more functionally diversified. However, ECE presence is particularly beneficial if the overall economy is in contraction. Comparing the functional positions held by ECEs reveals that ECE in the marketing function (as a chief marketing officer) offers the largest benefit to an average supplier firm. ECE presence is also associated with other firm outcomes (e.g. bankruptcy odds, innovation and customer orientation).

This study makes four contributions to the literature. First, this research contributes to existing studies that investigate marketing expertise in the upper corporate pyramid. Second, the study contributes to the burgeoning body of work across business disciplines that attempt to understand the impact of CxOs on firm performance. Third, the study contributes to the vast literature on customer orientation indirectly. Finally, this paper contributes to the broader literature studying the influence of board and TMT characteristics.

The findings are of particular importance to business-to-business firms. This paper shows that suppliers can benefit significantly from managers with customer experience. Four contingency factors moderate the relationship between ECE presence and firm performance. Among the various functional positions held by an ECE, the findings suggest that hiring an ECE for the marketing functional area is the most beneficial. ECE stands out as a better option for a company than BCE to improve firm performance. ECE presence is also associated with bankruptcy odds, innovation and customer orientation.

This paper provides the first empirical evidence regarding how ECE affects firm performance and also extends prior research on the value of human capital in TMT.

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some legal aspects concerning MNEs, cyberspace and e‐commerce as the means of expression of the digital economy. The whole effort of the author is focused on the examination of various aspects of MNEs and their impact upon globalisation and vice versa and how and if we are moving towards a global digital economy.

The purpose of this paper is to evaluate the impact of investment in Intangible Assets on the corporate performance of Indian companies for a period of twelve years from 2001 to 2012.

Intangible assets have been measured using the “Intangible Assets Monitor” method developed by Sveiby (1997).

The results of panel data regression model reveal that Intangible Assets affect performance of companies positively after controlling for firm size, age, leverage, physical capital intensity, market share, risk, industries and dummy year.

The study is of immense importance to corporate managers in improving managerial insight into the significance of investment in Intangible Assets. The results direct Indian managers to understand and realize the importance of Intangible Assets and keenly invest in research and development, technology, software, advertising, customer relationship management and human resources to further augment their performance.

Specifically considering India, the research related to the association between Intangible Assets and performance is undersized. Thus, the present study would contribute to the existing literature comprehensively.

Suggests that most managers (other than those in marketing) take the view that too much money is spent on marketing. Adumbrates that the accountant may be able to contribute to improved decision making in marketing with regard to expenditure as an investment outlay rather than current expenses. Stresses, herein, that the concern for accounting is with marketing assets and their intangibility. Discusses further assets, valuation and investment and portrays these with the aid of tables and figures. Sums up by saying that a strong case can be made for recognizing many examples of marketing outlay as investments in assets rather than current operating expenses, showing new light on attitudes towards marketing decision‐making and financial reporting.

This paper seeks to examine the calculated intangible value (CIV) method as a measure of intellectual capital (intangibles) in enterprises. The aim is to show the benefits and disadvantages of the method and its actual relation to intellectual capital.

The authors present a conceptual, theoretical and empirical analysis of CIV to assess its validity as a measure of firm's intangibles.

The result of the analyses is that CIV is connected to all types of capital assets (physical, financial, combined physical and financial and intangible) and thus it does not unambiguously relate or measure firm's intangible value(s). CIV should be seen solely as a measure of financial efficiency derived from companies' return on assets (ROA). CIV measures an overall financial recognized comparative advantage in comparison with competitors within the same branch of industry. There is no evidence to support the simplistic assumption that a company's CIV is a measure of its intellectual capital.

CIV is used quite widely for purposes of measuring intellectual capital in companies and industries. However, its validity has never been subjected to critical examination. The results of this paper provide valuable information on the reliable measurement of intellectual capital and the further development of these measurements.

Intellectual capital (IC) and social capital (SC), as forms of intangible value in organizations, are crucial assets in today's volatile business environment. Efforts to retain and develop these intangibles are becoming more deliberate and disciplined. However, organizations fail to recognize the relationship between organizational distress and the loss and/or reduction of intangible value. The loss of intangible value may potentially impact an organization with equal or greater damage than the loss of more tangible value. IC and SC generate many outcomes beneficial to the individual and the organization. These benefits are reduced when stress of employees becomes excessive and damaging. The relationship between the health of an organization and the degree of impact of distress serves as a lingering threat to organizational financial resources. Managers must build upon the growing knowledge from research and practice to help organizations account for the costs of organizational distress, translate the importance of intangible value into tangible terms, and garner support for developing IC and SC to obtain business objectives. Deliberate and disciplined effort to build collaborative capital can facilitate the growth of IC and SC which minimize the damage of organizational distress.